///Corporate

BRAVADO AND MUSIC ENTERTAINMENT SPORTS HOLDINGS (MESH) FUSE MUSIC AND FASHION TO CREATE NEW GLOBAL LIFESTYLE BRANDS

New York, New York, May 25, 2011 - Bravado, the leading global music merchandising company and a division of Universal Music Group (UMG), together with Music Entertainment Sports Holdings (MESH), a division of LF USA, today announced the launch of a new venture to create multi-department contemporary lifestyle brands inspired by the powerful connection between music and fashion. The venture will develop, market and distribute diversified collections based on the brands of today’s top musical artists. The announcement was made by Lucian Grainge, Chairman and Chief Executive Officer of Universal Music Group, Tom Bennett, CEO of Bravado, and MESH partners Tommy Hilfiger, Joe Lamastra, Andy Hilfiger and Bernt Ullmann.

As part of the new venture, Bravado will partner with MESH on the design, marketing and distribution of exclusive collections and better merchandise, which are expected to launch later this year at specialty and department stores throughout the world. The partnership combines LF USA’s strength in building global brands supported by its global sourcing network and distribution resources, MESH’s expertise in creative design and fashion opportunities, and Bravado’s renowned licensing prowess and world-class roster of superstar artists, to establish an innovative approach to creating, distributing and monetizing branded artist merchandise.

“Bravado’s clients are among the most iconic musical artists in pop culture,” stated Mr. Grainge. “Bringing them together with MESH’s creative ability and global distribution resources will be transformative for Bravado in terms of its scale, the unique opportunities it provides our artists, and the diversification it brings to our portfolio of global brands. This is a new approach that takes the current notion of artist merchandise and propels it into those places which have, up until now, been reserved for major designers and major brands.”

"I am incredibly excited to be a part of this historic fusion of fashion, music, and retail,” said Tommy Hilfiger, part owner of Star Branding which is a partner in MESH, a division of LF USA. “Between the unrivaled roster of artists under the Universal / Bravado umbrella and the unparalleled ability to produce quality product that LF USA brings to our partnership with MESH, finally, the marriage between music and fashion is official."

“Bravado’s strategy is to partner with only the best and the most innovative companies in this space,” commented Mr. Bennett. “And there is no one better than MESH. Their ability to effectively marry pop culture and fashion and create new retail opportunities is second to none. This new venture will deliver a compelling, high quality product line to inspire both artists and consumers alike, while further expanding our presence in the most dynamic and vital areas of retail today, the intersection of music and fashion. We are committed to expanding the playing field for our clients through unique ventures such as this. It will be a win-win for all parties involved.”

“Building on the powerful influence of music and entertainment on today’s fashion conscious consumers, this new venture will offer an exciting new merchandise platform for our retail partners,” said Rick Darling, President of LF USA. “As the pre-eminent merchandising company in the entertainment industry, Bravado has built an unparalleled portfolio of world-renowned music and entertainment artists. Together, with MESH’s proven ability to create compelling lifestyle collections, this new venture strengthens our brand portfolio and furthers our strategy to deliver innovative and differentiated retail concepts.”

About Bravado

Bravado, the only global, 360° full service merchandise company, develops and markets high-quality licensed merchandise to a world-wide audience. The company works closely with new & established entertainment clients, creating innovative products carefully tailored to each artist or brand. Product is sold on live tours, via selected retail outlets and through web-based stores. Bravado also licenses rights to an extensive network of third party licensees around the world. The company maintains offices in London, Los Angeles, New York, Berlin, Paris, Tokyo and Sydney. Now under the Universal Music Group umbrella, Bravado is able to leverage a global sales and distribution network from the world's largest record company, as well as the group's significant marketing strength. Bravado artists include The Rolling Stones, Lady Gaga, Michael Jackson, Justin Bieber, Paul McCartney, Eminem, Kanye West, Metallica, Nickelback, Katy Perry, Guns 'N Roses, Red Hot Chili Peppers, Green Day and The Killers, among many others.

About LF USA

LF USA is a subsidiary of Li & Fung Limited (SEHK:494), the Hong Kong-headquartered multinational group; and is recognized as the world's leader in consumer goods design, development, sourcing and distribution. It manages the supply chain for retailers and brands worldwide from about 240 offices and distribution centers in more than 40 economies spanning across the Americas, Europe, Africa and Asia. Through its three interconnected business networks -- trading, logistics and distribution -- the Group offers a spectrum of services that covers the entire end-to-end supply chain. Corporate website: www.lifung.com